A $1.3 Trillion Stimulus? « The Washington Independent
It’s not impossible. In an interview with CNBC yesterday, President-elect Barack Obama threw out the $1.3 trillion figure as the upper-end of the suggestions his economic team is hearing from experts.
[I]t’s important to note that every economist, conservative or liberal, at this point agrees that we have to have a substantial recovery plan that helps to jump-start the economy, that short term it’s going to be expensive, but it would be much more expensive to see the economy continue in the tailspin that it’s been going in. We’ve seen ranges from [$]800 [billion] to [$]1.3 trillion and our attitude was that given the legislative process, if we start towards the low end of that, we’ll see how it develops.
Pressed if the package would get bigger than the $775 billion the Obama team tossed out earlier this week, the Illinois Democrat said simply, “We don’t know yet.”
Sounds like a good time to start canning vegetables.